Bitcoin has reached the pressure of the ascending triangle and is expected to reverse. In the short term, the technical side of Bitcoin shows that the golden cross at the daily level has been formed, which is a clear bullish signal. However, the 1-hour and 4-hour charts show that Bitcoin has entered the overbought range and there may be some demand for a pullback, but this will not change the long-term upward trend.

According to the latest report released by a16z, the number of global cryptocurrency holders has reached 617 million, and the number of active addresses and usage of cryptocurrencies has reached a record high. In addition, Tether data shows that the number of new users in the third quarter of 2024 reached a record high of 36.25 million. New users are generally considered to be an important prerequisite for the secondary market to go bullish, which is a positive signal for the capital side and is expected to promote a healthy bull market.

Bitcoin ETFs have continued to have net inflows in the past few days, especially BlackRock's IBIT fund, which has an average inflow of more than 400 million US dollars per day for three consecutive days, showing that institutions are highly optimistic about the future of Bitcoin. At the same time, Standard Chartered Bank predicts that Bitcoin still has 12% room for growth before the election. With the election approaching, market sentiment is generally high, which has also had a positive impact on the market of Bitcoin.

From a technical perspective, Bitcoin’s golden cross at the daily level has been formed, and the golden cross at the weekly level is also gradually forming. These are strong bullish signals.